Even more than usual, German businesses see trouble ahead

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The last time we checked in on German business leaders, they were in a somewhat grumpy mood. Business wasn’t bad, per se, but managers were pretty gloomy about the future. In fact, this seemed to be their natural state—confident about the present but fearful for the future.

According to the latest monthly confidence data, released today, the gap between German executives’ optimism about the present and the future is now the widest it’s been for more than a year (see chart above).